11 April 2014
The Association of British Insurers (ABI) and the Investment Management Association (IMA) have agreed in principle to merge their investment activities.
The boards of both the ABI and the IMA have agreed to a proposal of the investment merger, which will include the Institutional Voting Information Service.
The final stages of the discussion are still ongoing and will result in the creation of an organisation, with a new name and a new chairman that covers the full spectrum of investment management activity with a single, stronger and more coherent voice.
The ABI will continue to represent insurers as asset owners.
This is not the first time the two organisations have proposed and gone ahead with a merger of specific activities – in 2011, the two merged their managed/mixed investment sectors in order to benefit consumers.
According to the ABI, the merger provided greater clarity to consumers, creating consistency and comparability across insurance and investment funds.